Giovanni Panerai (1825-1897)
founded
Officine Panerai in Florence,
Italy in 1860. By
1900, under the leadership of the founder's grandson Guido Panerai (1873-1934),
Officine Panerai had become an official supplier to the Regia Marina (the Royal
Italian Navy), supplying watches and precision instruments. Panerai
watches of this time consisted of a instancesdesigned
and manufactured by Panerai and movement created
by Swiss manufacturers including
Rolex SA.A vintage Panerai Marina Militare wrist watch.The
Florence-based watchmaker produced wrist worn diving instruments and about 300
watches, all for the Italian Marina Militare, between 1938 and 1993.
By that time, the company
ceased to provide
watches to the Marina Militare, as they had
been no longer cost-effective nor did they meet the naval
specifications. It then moved to launch its products
to the civilian marketplace.
The actor Sylvester Stallone spotted and bought a Panerai Luminor in a jewelry
store in Rome in 1995 to wear throughout
shooting of the film Daylight. Stallone ordered a small
batch of such watches with his signature on the case back, called
Slytech, providing
some as gifts to friends.
The brands growing
popularity caught the attention of Richemont, which acquired Officine Panerai in
1997. At auction and within
the collectors market,
some of these older models, especially
those produced within
the 1940s and '50s have commanded rich
premiums.

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